Binance’s Shiba Inu Holdings and Proof-of-Reserve Report for March 2024
Binance, one of the world’s leading cryptocurrency exchanges, has just released its latest Proof-of-Reserve (PoR) report for March 2024, showcasing its impressive holdings of various cryptocurrencies. The highlight of the report is Binance’s massive stash of 67.67 trillion Shiba Inu (SHIB) tokens, a popular meme coin that has gained significant attention in the crypto space.
The PoR report, which was audited on April 1, 2024, at 00:00 (UTC), reveals that Binance holds billions of dollars’ worth of cryptocurrencies, with Shiba Inu being a standout asset in its portfolio. What’s even more intriguing is that Binance’s Shiba Inu reserve actually exceeds its users’ deposits by 3.59%, indicating a strong backing of the popular token.
With Binance customers’ net balance standing at 65.32 trillion SHIB tokens and the exchange boasting a reserve of 67.67 trillion SHIB, the collateralization ratio for Shiba Inu deposits on Binance is an impressive 103.60%. This means that Binance is well-equipped to support its users’ SHIB holdings, which are currently valued at $1.89 billion, alongside its own SHIB balance valued at $1.96 billion.
In addition to Shiba Inu, the PoR report also showcases Binance’s robust collateralization ratios for other top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). The exchange’s collateralization ratio for BTC stands at 104.46%, with users collectively holding 568,788.919 BTC worth $41.09 billion, while Binance maintains a net balance of 594,136.021 BTC valued at $42.92 billion. Similarly, the collateralization ratio for ETH is at 103.58%, with users depositing 4,446,480.486 ETH ($16.04 billion) and Binance holding a balance of 4,605,595.896 ETH ($16.61 billion).
Overall, Binance’s latest PoR report underscores the exchange’s commitment to transparency and security in managing its vast cryptocurrency holdings. With strong collateralization ratios across various assets, including the popular Shiba Inu token, Binance continues to solidify its position as a trusted and reliable platform for crypto enthusiasts worldwide.
